The Lynchburg Region has many characteristics that make it ideal for entrepreneurs. It all started in the 1890’s when Dr. Charles Browne Fleet invented a little product known as “Chapstick”. Dr. Fleet’s legacy continues today as Fleet Pharmaceuticals still calls the Lynchburg Region home and employees over 400 people.
The affordability of the region offers entrepreneurs an opportunity to hire talent at reasonable wages, invest capital into their business, and find low-cost commercial real estate options. A corporate income tax of 6% allows as well as very low taxes on business property and machine & tool are start-up friendly.
The region’s eight colleges and universities provide an abundance of innovative talent. The engineering pipeline in the region is supplied by Liberty University’s School of Engineering, Central Virginia Community College, and nearby Virginia Tech. The region’s location quotient for electrical, mechanical, and industrial engineering all exceeds the national average. This large concentration of talented workforce spurs creativity and innovation.
The Lynchburg Region is extremely supportive of small businesses and entrepreneurs. There are many resources in the region designed to help start-ups. Creative lenders, co-working spaces, supportive economic development offices, and cooperative local governments all make starting a business simple and as easy as possible.